Vingroup Leads First VND 10,000B Quarterly Profit Club as Nine Vietnamese Firms Break Record

Overview

For the first time on record, nine Vietnamese listed companies each reported pre-tax profit above VND 10,000 billion in a single quarter, with Q3/2026 combined earnings of VND 136,753 billion. Vingroup (VIC) on HOSE led the group with record consolidated pre-tax profit of VND 29,936 billion, up 644% year on year, followed by Vinhomes (VHM) at VND 29,523 billion. Six banks and Binh Son Refining and Petrochemical (BSR) completed the list.

Key Facts

• Nine listed companies cleared VND 10,000 billion in Q3/2026 pre-tax profit, totaling VND 136,753 billion, versus two firms and VND 21,853 billion in Q3/2025.
• Vingroup (VIC) posted Q3/2026 pre-tax profit of VND 29,936 billion, up 644% from VND 4,024 billion a year earlier and 35% above Q2/2026’s VND 22,169 billion; it is the group’s highest quarterly profit to date.
• Vingroup’s nine-month pre-tax profit reached VND 64,336 billion, up 324% year on year and 2.4 times the VND 26,300 billion booked for all of 2025.
• Vinhomes (VHM) reported VND 29,523 billion in Q3/2026 pre-tax profit, up 445%, its fourth consecutive quarter near VND 30,000 billion; nine-month profit was VND 92,811 billion, up 407%.
• BSR returned to the club with VND 10,072 billion in pre-tax profit on net revenue of VND 59,581 billion, up 69%; nine-month profit of VND 27,998 billion was 11.2 times the prior-year figure.
• The six banks (CTG, VCB, VPB, BID, TCB, MBB) combined for VND 67,222 billion in Q3/2026 pre-tax profit, up 24% year on year.
• VietinBank (CTG) led the banks at VND 13,689 billion, up 29%; Vietcombank (VCB) was flat at VND 11,218 billion, down 0.2% year on year and 36% below its Q2/2026 record of VND 17,420 billion.

What Happened

The figures are drawn from Q3/2026 financial statements of listed companies, as compiled in the source article. The count of firms clearing the VND 10,000 billion quarterly threshold has climbed steadily: from one to two per quarter between Q1/2021 and Q3/2025, to seven in Q4/2025, five in Q1/2026, seven in Q2/2026 and nine in Q3/2026. The Q3/2026 cohort splits into three groups: two Vingroup ecosystem companies, six banks and one refining and petrochemical firm.

Vingroup’s profit surge reflects a step-change from VND 4,024 billion a year earlier, with the group attributing no single driver in the summary provided; the article frames it as the highest quarterly pre-tax profit in the conglomerate’s history. Vinhomes has now held pre-tax profit near VND 30,000 billion for four straight quarters, while BSR’s return to the club, its first since Q2/2022, was supported by 69% revenue growth. Among banks, VietinBank expanded while Vietcombank’s earnings normalized well below its Q2/2026 peak.

Market Context

Vingroup (VIC) on HOSE closed at VND 242,000 on 2 November 2026, with Vinhomes (VHM) at VND 62,000, Vietcombank (VCB) at VND 53,600 and VietinBank (CTG) at VND 29,750. The concentration of quarterly profit in real estate, banking and refining mirrors the broader Vietnamese market’s reliance on a narrow set of large-cap earnings drivers, with the Vingroup ecosystem and the state-linked banks anchoring index-level profit growth.

Strategic Significance

The widening of the VND 10,000 billion club from two firms to nine in a year points to an earnings base that is broadening beyond a single sector cycle. For Vingroup specifically, a record quarterly profit and nine-month earnings already 2.4 times the full-year 2025 figure reset the scale against which the conglomerate’s property, industrial and consumer businesses will be measured. The durability question is whether Vinhomes’ four-quarter plateau near VND 30,000 billion represents a new run-rate or the peak of a handover cycle, and whether BSR’s refining margin recovery holds as crude and product spreads normalize.

What to Watch

• Vingroup and Vinhomes Q4/2026 and full-year earnings releases, to test whether the VND 30,000 billion quarterly run-rate is sustained.
• BSR refining margin and crack spread trends through Q4/2026, given the profit swing from VND 1,051 billion to VND 10,072 billion.
• Vietcombank’s Q4/2026 profit recovery after a 36% sequential decline from its Q2/2026 record.
• Whether the count of firms above VND 10,000 billion holds at nine or higher in Q4/2026, confirming the broadening earnings base.
• Foreign-ownership and block-trade filings in VIC and VHM following the record results.